MOORE THE WILLIAM SCOTT ABBOTT TRUST REGISTERED CHARITY NUMBER: 233603 TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE WILLIAM scorr ABBOTT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Regtstered charity number: 233603 Trustees: Mrs R M Wild Mr D Pickering Mr M E Grange Mr A N Lazenby Mrs S M Barnhursl Mr D W BLJrgess Mrs G Bradshaw lappoinled 27 March 20241 Mr Paul Fieldhouse lappointed 27 March 20241 Mr Simon Leeds (appointed 27 March 20241 Principal Address: Sa¢rewell Farm & Country Centre Great North Road Thornhaugh Pelerborough PE8 6HJ Auditors: Moore Charl8red AcGountants Rullar¢d House Minerva Business Park Lynch Wood Pelerborough Cambridgeshire PE2 6PZ Bankers: Barclays Bank plc Benet street Cambridge CB2 3PZ Solicitors: Greenwoods LLP Monkslone House City Road Pelerborough PE1 1JE
THE WILLIAM SCOTT ABBOTT TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page Trustees, Report Auditor's Report Consolidated Slalement of Financial Activities Consolidated Balance Sheet Trust Balance Sheet Consolidated Statement of Cash Flows Note5 to the Accounts 8-26 Detailed Slalemenl of Financial Activities 27 Detailed Resour¢es Expended 28
THE WILLIAM SCOTT ABBOThTRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present the annual report and audited financial stalernenls of The William Scoll Abboll Trust IWSATI for the year ended 31 December 2023. The Trustees confirm that the annual report and fi'nancial statements comply with the requirements of the Charities Act 2011 and the Statement of Recommended Practice ISORP) Accounting and Reporting by Charities" issued in January 2021. The William Scott Abbott Trust consolidated financial statements include the res¢Jlts of its, trading subsidiary. Sacrewell Limited. The VwThlliam Scoll Abboll Trust is a registered charity. number 233603. The Charitable Trust was established in Decernber1963 by the lale Mrs Mary Abbott in the memory of her husband William Scoll Abbott. The trading subsidiary, operating as Sacrewell Limited, was formed in July 2015. Structure, Governance and Management Trustoes There are currently nine Trustee5, who are selected lo represent a wide range of experience an¢J expertise in the fields of agriculture, education. business and communications. The Trustees who held offlce during the year and up to the date of slgnature of the financial statements wÈre as follows: Mrs Jane Scriven - Chairman of Trustees {resigned 27 March 2024) Mr SluaTI Bish (resigned 27 March 20241 Mrs Rachel Wild Mr Duncan Pickering Mr Colin Webber (resigned 12 October 20231 Mr Michael Grange Mrs Susan Mary Barnhurst {appoinled 1 Mar¢h 20231 Mr Andrew Lazenby lappoinled 25 January 2023) Mr David William Burgess lappoinled 1 April 20231 Chairman of Trustees from 27 March 2024 Mr Paul Fieldhouse (appointed 27 March 20241 Mr Simon Leeds lappoinled 27 March 20241 Mrs Gamze Bradshaw lappoinled 27 March 20241 The appointment of new Trustees 15 in the gift of the present Trustees and all such appointments require the approval of the Trustees of The Royal Agricultural Society of England. Vvhen a vacancy on the Board of Trustees arises, areas of skill and experience among the Trustees that need lo be enhanced or replaced are idenlified.. new Trustees are then appointed, following a selection process Carried out by the existing Trustees. New Trustees are provided with comprehensive informalion about the Trust and its activities and an introductory lour of the farm and the holdings. Appropriate training is provided by the Trust's advisors and other professionals as necessary. The Trustees are not paid,. this is a voluntary position. The Trustees place great importance on good governance.. bDlh the Charity Commission's publication 'The Hallmarks of An Effective Charity. and the Code for the Voluntary and Community Sector publication enlilled 'Good Governance, have been worked through in detail lo ensure that the Trust complies with all the requirements in all areas of governance. The board of Trustees have mel on four occasions., at each of these meetings the Trustees have been joined by a quorum of the Sacrewell Limited Directois IMr5 J K Scriven, Mr S Bish and Mr R Payne and on two of these occasions al least one of the WSAT Family Committee (Mrs S Millard. Mr R Paynel. Al the beginning of every meeting, the Trustees are asked lo declare any conflicts of intere51 in relation to mallers to be discussed. Any such confItS are minuled and any Trustee with a conflict lakes no parl in discus51on of the relevant item or any associated decision.
THE WILLIAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and pgrforrnance The year started positively with some improvements in paid footfall against previous years. This did however fall away 8g8insl the background of a cost of living crisis and footfall was particularly impacted by exceptionally poor weather in Oelober and throughout the remainder of the year, and by activity on Trust land associated with the A47 dualling scheme. Existing plans and priorities continued to be progressed wllh further developments made lo our Farming with Nature workshops that seek lo deliver enriching outdoor edLscalional experience5 10 school pupils. With grant funding we constructed our Educational Market Garden. and we enhanced our livestock offering with a strategy focused on new life on the farm. We also developed a new partnership with Cambridgeshire County Council Islibbinglon Leg8cy) and continue lo look al mutual opportunilles wtlh the East of England Agricultural Society. There have been some changes to the Management Team during the year. including a change of General Manager following a rigorous recruitment and selection process. The Finan SucommIttee continues to ensLtre full discussion and transparency of all financial information. The sub-commillee consists of 2 Trustees and 2 Management Team members. Formal meetings are held on a monthly basis. The overall day lo day management of the Trust's affairs is carried out by the General Manager, supported by professional and adminislralive staff, and by a relevant range of external advisors. Decisions are made al the appropriate management level,. day-lo-day mallers are decided by the managers, with reference as necessary lo the General Manager. More important decisions are taken by the General Manager. Mallers requiring a decision by the Trustees are referred lo them either al one of their meetings or, in between such meetings, by correspondence (by leller or email) and telephone calls. Obje¢tlves and actlvltles The William Scott Abboll Trust is an educational charity commilled to connecting people lo agriculture and the countryside through a variety of experiences ir¢ a diverse historic landscape. The document setting out the strategy for the operation and management of the Tru81, which was adopted in January 2017, contains the following slalement of purpose.. "The aim ol the William Scoll Abboll Trust is lo connect people of all ages and backgrounds to the science, heritage and practical art of agriculture, and to carry out our educational work so as lo be highly effective in pursuit of the Trust's charitable objectives. Details of how the Trustees have furtheied these objectives during the year are summarised in this report. Educatlonal Use of the Fami In aceord8nce with the Charitable aims and stratY of the Trust, great emphasis is placed on education and outreach, providing opporlunilies for people lo learn about the countryside, agiiculture, food and farming and to understand the opportunilies ancl challenges we face in agriculture across the country.
THEWILLIAM scorr ABBOTT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Sacrewell Faim and Country Centre is used as a direct resource to provide opporlunilies lo take the curriculum outdoors and for visits lo a farm, water course, wi)odland, and built heritage.. such visits are made by school chi5dren of all age and adults. These visits offer people the chance to not only learn about farming and agriculture, wildlife and biodiversity, and natural habilals bul also lo cover a wide range of the National Curriculum, They enable children to be outdoors in all seasons and all weathers. which has been shown to be of great benefit lo a child's development, as well as being enjoyable. Evidence shows that being outside and mixing with nature and animals is also of great benefi't to the mental well-being of individuals both young and old. This aspect of the Trust's work has continued to expand and is of increasing importan. On a wider scale, the Trust continues lo develop partnerships with education provider5 Wlth similar aims and objectives, these include Cambridgeshire County Council through the Slibbington Legacy workshops. and the East of England Agricultural Society. The majority of the 5504cre farm is let on a Farm BLJsiness Tenancy lo Riverford Organic Farmers. As part of the tenancy agreement. the tenant musl PTovide visitors with an opportunity lo tour a diverse farming enterprise and beller understand the links beiween food and farming. Farmir¢g records are maintained for the lenanl's business and reviewed by the Trustees lce a year. The Livestock team have a good working relationship with regional colleges and will continue to providè work Plament opporturbilies for students as part of them achieving quaiificab'ons in animas husbandry. The Livestock team continue lo work in partnership with the Education team lo offer and provide education workshops, with the tocus mainly on KS1, helping them lo develop knowledge and skills around animal care, husbandry and life cycles. Duke of Edinburgh stL¢denls visit our campsite and use Sacrewell as a base for countryside walks. Land and Bulldlng Management and Llvestock The Trusys landed assets consist of circa 550-acre farm, mostly let on an agTicultural tenancy but also including an 18th C. Grade 2. Il$ted working water mill, two Grade 2 listed Farmhouses, several stone barns, and a modern sleel-span agricultural building housing a soft-play centre, along with houses, Collages, and commercial tenancies on the wider farm. Additionally. WSAT owns 1 residential let cotlage in Wansford. In 2023 one collage in Wansford was sold. Our aim is lo achieve a high standard of land management and stewardship. in accordance with best practice. By following these aims, the Trustees intend lo improve the environment and habitats on the faim and protect the landscapes and heritage assets in their care. As with any land holdings, the situation is not 51atic, with land or buildings being acquired or disposed of, as suitable opportunities arise, to improve the holdings and in pursuit of the charitable objects. Our different animal herds continue to thrive, with particular sUcS achieved by our rare breed programme. This included the birth of a Suffolk Punch filly ISaffron-Gra¢el, welcoming healthy Boreray and Radnor Hill lambs, and the on-going care of Oxford Sandy and Black pigs, British Spolled ponies, and the introduction of Golden Guernsey goals- to name a few. The decision h8S been taken to focus on a liVestk offering that extends and develops our educational objectives. The Trust continues lo strive lo provide the best level of animal husbandry, educational and contribution lo our wider ¢ommunities.
THE WILLIAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Building5 and Commerclal and Re$identlal Tenancies The programme of work to maintain and improve the fabric of the country centre has continued.. repairs have been undertaken lo residential properties and commercial properties. Following full assessments of the requirements across the holdings, a rolling programme of eleolrlcal inspections and the necessary resultant work, and a programme of building improvements, continued The consequences of this prograrnme are aeslhelic improvements, meeting legal requirements and seeking lo ensure the Trust's assels do not fall into a state of disrepair. Investments As well as the farm and holdings, the Trust has a porllolio of investments; the income from these investments and any surplus income from Sacrewell Limited are re-invested irklo the upkeep and improvement of the Farm and Country Cenlre. The Finance Sub Committee meet with the investment manager once a year, monitoring the perlormance and discussing relevant issues.. additional meetings are held as circumstances requi. Financlal review The main sources of income for The William Scoll Abbott Trust are admission income from the visitor centre. commercial evenls, donations and grants, and rent81 income from commercial 2nd residential lellings. S8Grewell Limited gives all surpluses lo the Charity for its use as required, The William Scoll Abboll Trust Covid loan was fully repaid in the year. For the year ended 31 December 2023, against a backdrop of the cost-ol-living crisis, the Trustees are pleased to report consistent Gmup turnover of £1,180,87512022.' £1.187,982}. The IN yoar deficit as al 31 December was £160,64212022, deficit of £485,294) The Trustees and management team have idenlrfied and considered the major risks lo which the charity is exposed,, systems lo miligale those risks have been established. The Risk Register is reviewed regularly by the management team and changes are reported lo the Trustees al iwo of their main meetings with one of these meetings being a formal review of the Register. The principal risk facing the Group is loss of income and rlsing costs. The Trustees and management team have implemented plans and strategies both in the current year and looking foward in order to mitigate these risks. Costs have been reduced during the yeaT with good progress made in putting ourselves on a stable financial fooling, but the poor weather and impact of the cost ol living crisis. as well as our on-going commitment lo education objectives has resulted in a loss for the 2023 financial year. We have already taken slep5 in support of footfall and lo further manage costs for 2024. Reserves Policy The Trustees have increased the amount set aslde as a reserve fund as foltows.. £300,000, which is approximately Iwo months. gross operating expenditure. At the year end the group had total reseNes of £11,641, 171, of which £8.857,876 was restricted. Of the lolal reserves balance, £11,194,700 relates lo Fixed Assets Funds Imade up of £8,857,876 reslricled funds and £2,336,824 unreslri¢ledl. The nel reserves held al the year end aller making allowance for restried and fixed asset funds was £446.471. Investment Policy and Performance The Trust Deed empowers the Trustees lo appoint investment advisors. who have di8crelion to invest funds for the Trust within the guidelines established by the Trust Deed.. CCLA for Charities currently fulfil this role.. their performance is reviewed annualty. iv
THE WILLIAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Pay policy The Trustees consider that the Management Team comprise the key management personnel of the Trust in charge ol the directing and running of the Trust and Sacrewell Limited on a day-to-day basis, The remuneration of the senior staff is reviewed by the TrLtstees on an annual basis consideiing the requirements of their fole and performance during the year. The Trustees and General M8nager benchmark pay levels against comparable positions in similar organisations and this is reviewed quarterly. Fundraislng The group has not carried out significant fitndraising acl¢vily in the year. PUBLIC BENEFIT Following the passing of the Charities Act 2011. there musl be att identifiable benefit or benefits arising from the work of all charities,, such benefits must be to thè public or a section of the public. The Trustees confirm Ihat they have referred lo the Charity Commission's guidance on public ben8fil and advancement of education when reviewing the Trust's aims and objectives and in planning future activities and developments. In pursuit of ils educational charitable objective, direct use is made of Sacrewell Farm and Country Centre, by h05ting an increasing number of visits by school children and young people with special educational need5 and disabilities ISENDI. Information is also provided across the site that directly meets the Tiust's ¢haritable objective5. It can therefore be seen that the work of the Trust benefits the public., further details of the educational work and educational developments are set out Dn the Twusl's website, which is frequently updated, to provide more information. PLANS FOR THE FUTURE The strategy for the future of the Trust and the management of ils assets, including maintenance of and improvements lo the farm and all holdings will be followed, subject lo review. The plan and priorities have been communicated. this includes a further staff restructur8 lo balan the ratio of revenue lo outgoings and provide support for multiple planned projects, as well as a clear focus and direction on our educational objectives. The Trust continues lo develop new and alternative ways lo support the provision of an agricultural and countyside education to all including the consideration of apprenticeship opporlunilies, adult workshops and learning through play. The Trust will also focus on health and wellbeing for all. Monitoring and commenting on the A47 widening proposals will continue. Savills is the acting agent for WSAT regarding compensation negotl8tions with National Highways. We understand that work on the road will commence in mid to late 2024 and will last 2-3 years. Our 511e will not close during this proc85S. A new Educational Market Garden will be used. alongside the Sensory Garden, for educational and wellbeing purposes. Accessibility across the site will be enhanced and further facilities developed specifically in support of SEND. The live51ock offering will continue to grow with animals conceiving, carrying and being delivered or¢ site, giving hands-on experience for our stsff. stULlents and visitors. William Scott Abbott was very enlrepreneurlal, a man who never stopped learning, developing and trying out new opportunities, from artificial insemination to ballery chicken farming in Ihe post war Britain where getting food on the lable was paramount. We strive to continue to Innovate 2nd develop the Trust in a manner that would reflect his passion to keep evolving.
THE WILLIAM SCOTT ABBOTT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The TrLislees are resE)onsible for preparing the Report of the Trustees and the financial slalements in accordance with applicable law and United Kingdom Accounting Stsndards {Uniled Kingdom Generally Accepted Accounting Practi}. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and appliGalion of resources of the charity for that period. In preparing these financial slalemenls, thè Trustees are required to.. Select suitable accounting policies and then apply them consistently- Observe the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent., Stale whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial slalements-, and Prepare the financi21 statements on the going concern basis unless il is inappropriate to Presu that the charity will continue in operation. The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy al any lime the financial PDsilion of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the provisions of the Irust deed. They are also responsible for safeguarding the assets of the Gharity and hence for taking reasonable slops for the prevention and detection of fraud and other irregularities. Approved by order of the Trustees on 26 June 2024 and signed on their behalf by. Davld William Burge$s Chair of Trustees vi
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM SCOTT ABBOTT TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Oplnlon We have audited the finanGial stalemenls of The William Scoll Abbott Trust Ilhe 'parent charity,) and ils subsidiaries Ithe 'group'l for the year ended 31 December 2023 which comprise the Con501id21ed Slalement of Financial Aclivilies, Consolidated Balance Sheet. Trust Balance Sheet, Consolidated Slalemenl of Cash Flows and notes to the financial stalemenls, including a summary of signifi¢anl accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccoLJnling Standards, including Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in the UK and Repukilic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and fair view of the slate of the graup's and parent charity's affairs as at 31 Decembèr 2023 and of the group's incoming resources and application of resources for the year then ended., have been properly prepared accordance with United Kingdom Gènerally Accepted Aocounling Practice., and have been prepared in accordance with the requirements of the ChaTltie5 Act 2011. Basis for opinion We conducted our audit in accordance wsth International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities foi the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical rosponsibilities in accordance with these requirements. Vve believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial slalements, we have concluded that the Trustees. vse of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties rèlating lo events or conditions that, individually or collectively. may Cast significant doubt on the charity's ability to continue as a going concern for a period of al least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant se¢lions of thi8 rewrl. Other Information The other information Gomprises the informatior¢ included in the annual report other than the financial slalemenls and our auditor's report thereon. The Truslees are responsible for the other information contained within the annual report. Our opinion on the tinancial statements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assLJrance conclusion Ihereon. Our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. 11 we identify such material inconsistencies or apparent malerial Tnisstalemenls, we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselve5. If, based on the work we have performed, we con¢lude that there is a material misslalement of this other information, we are r8quiTed to report that fact, We have nothing to report in this regard. Page 1
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM SCOTT ABBOTT TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Matters on whiGh we are required to report by exception We have nothing lo report in respect of the following mallers in relation lo which the Charities {Accounts and Reports) RegLÈlations 2008 require us to report to you if, in our opinion.. the information given in the financial slalements is inconsistent in any malerial respect with the trustees, repoil,. or sufficient accounting records have not been kept,. or the parent charity's financi81 slalements are not in agreement with the accounting records,. or we have not received all the infomialion and explanations we requiie for our audit. Responsibilities of trustees A5 explained more fully in the Trustees, Responsibilitiès Ststement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the tTUStees determine is necessary lo enable the preparation of financial slalements that are free from material misslalement, whether due lo fraud or error. In preparing the financl81 slatemenls, the Iruslees are responsible for assessing the group'5 and parent charity's ability lo continue as a going Goncern, disclosing, as applicable. mallers related to going concern and using the going Concern basis of accounting unless the trustees either intend lo liquidate the group or the parent charity or lo cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilltles for the audit of the financial statements We have been appointed as auditor under section 151 ofthe Charities Act 2011 and report in accordance with IVIatIonS made under section 154 of that Act Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whelher due lo fraud or error, and to Issue an auditor's reporl that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an aL¢dit conducted in accordance with ISAS IUKI will always detect a material misstalemènl when il exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to inflLJence the economic decisions of users taken on tho basis of these financial slatemenls. Explanation as to what extent thè audit was consldered capable of detecting irregularltles, in¢luding fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks ot material misstalemenl of the financial slalemenls due to frad., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalement due to fraud, through designing arFd implementing appropriate response5 to those assessed risks., arkd lo respond approprialeSy lo ins12nces of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and Trustees of the Charity. Page 2
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM SCOTh ABBOTT TRUST FOR THE YEAR ENDED 31 DECEMBER 2023 Our approach was as followg: We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation., We obtained an undersl8nding of how the charity complies with these requirements by discussions with management and those charged with governance., We assessed the risk of material misstalemenl of the financial stalemenls. including the risk of material misslatemenl due to fraud and how il might occur. by holding discussions with management and those charged with governance., We inquired of management and those charged with governance as lo any known instances of non-compliance or suspected non-compliance with laws and regulations., We discussed where individuals involved in the financial reporting process have a significant level of control and considered the controls and reviews in place lo mitigate the presence of this risk., Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries ol management and those charged with governance and obtaining additional corroborative evidence as required. A further description of our responsibilities is available on the Financial Reporting Council's website at.. hll s."Ilwww.frc.or .uklauditorsres onsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's Iruslees. as a body, in accordance with Part 4 of the Charities (Accounts and Reporlsl Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those mallers we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Mohamedraza Mavani FCA Senior Statutory Auditor for and on behalf of MOORE Chartered Accountants statutory Audltor Rulland House Minerva Business Park Lynch Wood PelerboroLJgh PE2 6PZ Page 3
THE WILLIAM SCOTT ABBOTT TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A GROUP INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total fund$ 2023 Total funds 2022 Note Income and endowments from: Donations and legacies Charitable activities Investments other 21,381 936,990 152,600 57,436 12,468 33,849 936,990 152,600 57,436 8,415 980.262 167,672 31,633 Total income and endowmènts 1,168.407 12,468 1,180,875 1.187.982 Expenditure on: Let es12te Charitable activities 56,468 6 1,239,938 56,468 87,971 10,798 1,250,736 1,448,695 Total expendlture 1,296,406 10,7S8 1,307,204 1,536.666 Gains on listed investments 14 19.687 19,687 {25.9341 Net Income 1108,312) 1,670 1106,642) 1374,6181 Transfors between funds 63,773 {63,7731 190,6761 Net movement In funds (44,539} {62.1031 1106,6421 1465.2941 Funds at 1 January 2023 2.827,834 8,919,979 11,747,813 12,213,107 Funds at 31 De¢ember 2023 19 2.783,295 8,857,876 11,641,171 11,747,813 Details of resources used are given in the notes to the financial slatemenls. Page 4
REGISTERED CHARITY NUMBER: 233603 THE WILLIAM SCOTT ABBOTT TRUST GROUP BALANCE SHEET AT 31 DECEMBER 2023 Note 2023 2022 Flxed assets Tangible assets Investments 13 14 11,19d,700 214,326 11,447,685 224,639 11,4Q9,026 11,672,324 Current assets Stocks Debtors Cash al bank and in hand 15 16 31,899 79,246 243,629 58,577 58,512 93,042 354,774 210,131 Creditors: Amounts falling due within one year 17 1122.6291 (132.0241 Net current assets 232,145 78,107 Total assets less current liabilities 11,641,171 11.750,431 Creditors: Amounts falling due after more one year 18 12.618} Net assets 11.641,171 11.747,813 Capital funds Reslricled funds Unrestricted funds 19 19 8,857,876 2.783,295 8,919,979 2,827,834 Total funds 11.641,171 11,747,813 These financial slalemenls have been approved by the trustees on 26 June 2024 and signed on ils behslf. Mr D W Burgess Truste8 The annexed notes form part of these financial stalemenls. Page 5
REGISTERED CHARITY NUMBER: 233603 TrIE WILLIAM SCOTT ABBOTT TRUST TRUST BALANCE SHEET AT 31 DECEMBER 2023 Note 2023 2022 Fixed assets Tangible assets Investments 13 14 11.191,277 264,328 11,439,641 274,641 11,455,605 11,714,282 Current assets Stocks Debtors Cash al bank and In hand 15 16 16,011 113,198 194,518 39,251 120,805 63.486 323,727 233.542 Creditors Amounts fallir¢g due within one year 17 174,4601 196,656} Net current assets 249,267 126,886 Total assets less current liabilities 11,704,872 11,841,168 Credltors: AmoLtnts falling due after trtoie one year 18 {2,618} Net assets 11,704,872 11,838,550 Capltal funds Restricted funds Unreslricled funds 19 19 8,857,876 2,846,996 8,919,979 2.918,571 Total funds 11,704,872 11,838,550 These flnan¢lal statements have been approved by the trustees on 26 June 2024 signed on its behalf, Mr D W Buryess Trustee The annexed notes form part of these financial stalemenls. Page 6
THE WILLIAM SCOTT ABBOTT TRUST GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Nel income for year 1106,642} 1374,6181 Adjustments for.. Depreciation 71,338 (Profill I loss on disposal of tangible fixed assets 118.0051 Gain on listed investments 119,6871 Gain on property revaluations Rents received from investment properties Interest received (Increasel/Decrease In stocks {IncreasellDecrease in debtors IncreasellDecreasel in creditors 78.856 25.934 1146,2351 {6.3651 26,678 120,7341 9,804 (159,1831 18,4891 129,6381 18,7041 21,713 1103,2061 179,511) Not Gash flow from opèratlng actlvltles 1209,8481 1454,129) Cash flows from investing activities Payments to acquire tangible fixed assets Receipts from sale of tangible fixed assets Payments lo acquire investments Receipts from sale of investments Rents received from investment properties Interest received 178,3481 278,000 1160,5011 617,123 1121,0001 90,000 159,183 8,489 30,000 146,236 6.365 Net cash flow from investing activltles 382,253 593.294 Cash flows from investing activities Capital element of bank loans repaid 121.8181 {78,1821 Net cash flow from investing activitle8 121,818} 178,1821 Net Increasellde¢Yeasel Sn cash 150,587 60,983 Cash and cash èqulvalents at beginning of year 93,042 32,059 Cash and cash equlvalents at end of year 243,629 93,042 Page 7
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Trust Information The William Scoll Abbott Trust is a charitable trust registered in England and Wales. The principal place of business is Sacrewell, Thornhaugh, Pelerborough, PE8 6HJ. The nalure of the charity's operations and principal activities are provided in the Report of the Trustees. A¢countlng convention The charity conslilutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporttng by Charities.. Statement of Recommended Practice applicable lo chatilies preparing their accounts in accordance with the Financi81 Reporting Standard applic3ble in the UK and Republic of Ireland IFRS 1021 issued on 1 January 2019, the Charities Act 2011. and UK Generally Accepted Practice as il applies from 1 January 2015. The financial statements are prepared in sterling which is the fun¢lion81 currency of the Charity and rounded lo the nearest £. The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The principal accounling policies adopted are set out below. GoTng concern At the time of approving the ftnancial statements, the trustèes have a ieasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Iruslees continue lo adopt the going conrn basis of accounting in preparing the fi'nancial statements, Incomlng resour¢e8 All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled lo the inoorne after any performance conditions have been met, the amount can be measured reliably. and it is probable that the incomè will be received. No amount is included in the financial statements for volunteer lime in line with the SORP IFRS 102). Further detail is given in th8 TIu51ees' Annual Report. Investment income is earnèd through holding assets for investment purposes, such as property. It include5 interest and rent. Intere51 income is recognised using the effective interest method and rental income is recognised as the charty's right lo receive payment is established. Heriiage Lollery Fund grants and other grants are recognlsed in the Statement of Financial Activity in accordance with the aecruals model under FRS 102. Donation5, gifts and grants are recniSed Ljpon receipt. Gift aid is recognised in the period lo which it relates lo. Page 8
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure recognitlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost5 related lo the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, il is probable that the selllèment will be required, and the aTnounl of the obligation can be measured reliably. 11 is categotised under the following headings.. Cos15 of let estate include costs of materials and overhead running costs of the eharity's investments properties,, Expenditure on charitable activities include5 the overhead running Gosts, including staff costs, of the charily's subsidiary Sacrewell Limited,, and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Support Costs allocation Support costs are those that assist the work ol the charity but do not directly represent charitable activities and include operational costs, governance costs. They are incurred directly in support of expenditure on the objects of the charity and irlclude project management. Vvhere support costs cannot be directly allribuled lo particular headings, they have been allocated to cost of let estate and expenditure on charitable activities on a baSS consislenl with use of the resources. The analysis of Ihese costs is included in note 7. Depreciatlon of tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at Gosl or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost oivalualion of assets less their residual values over their useful lives on the following bases= Land Buildings, roads, 2nd reservoir Plant and machinery Fixtures and fillings Motor vehicles Held at fair value Held al fair value 25°k perannum on cost 4-25'h per ann¢Jm on cost 250/0 per annum on cost The gain or loss arising on the disposal of an asset is determined as the diffeience beeen the sale proceeds and the carrying value of the asset and is credited or charged lo profit or loss. Impairmènt of flxed assets At each reporting period end dale. the Iiusl reviews the carrying amoLfnts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such Indication exists, the recoverable amount of the asset is estimated in order lo determine the extent of the impairment loss lif any). Where il is not possible to estimate the recoverable amount of an in(lividual asset, the trust estimates the recoverable amount of the cash-generaling unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in Ljse. In assessing value in use, the eslimaled future cash flows are discounted lo their present value using a pre-tax discount rale that reflects current market assessments of the time value of money 2nd the risks specific to the asset for which the estimates of future cash flows have not been adjusted, Page 9
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Impalrment of fixed assets {contlnued) If the recoverable amount of an asset lor cash-generaling unit) is estimated to be less than its carrying amount, the carrying amount of Ihe asset lor cash-generaling unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried al a revalued amount, in which case the impairment Ios5 IS treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if. the reasons for the impairment loss have ceased lo apply. Where an impairment loss subsequently reverses, the carrying amount of the asset lor cash-generaling unill Is increased lo the revised estimate of its recoverablè amount. bul so that the increased carrying arrK)unt does not exceed the carrying amount that would have been delormined had no impairment loss been recognised for the asset lor cash-generating unill in prior years, A reversal of an impairment loss is recognised Immediately in profil or loss, unless the relevant asset is carried al a revalued amount, in which case the revetsal of the impairment loss is Irealed as a revaluation increase, Investments properties Investment properties are measured al fair value at each reporting date with changes in fair value recognised in nel gains I Ilossesl on investments in the Slalemenl of Financial Activity. Investments Investments are slated al their market value at the year end. The Statement of Financial Activities ncludes the nel gains and losses arising on revaluation and disposal, if any, throughout the year. Stocks Stocks are staled al the lower of cost and eslimaled selling price less costs to complete and Sell. Cost comprise5 direct materials and, where applicable, direct labour cos15 and those overheads that have been incurred in bringing the stocks lo their present location and condition. Stocks held fDr distribution al no or norninal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for anyloss of service potential. Al each reporting dale, an assessment is made for impairment. Any excess ol the carrying amount of slo¢ks over its estimated selling price less costs lo complete and sell is recognised as an impairment loss in profit or toss. Reversals of impairment losses are also recognised in profit or Ios5, Cash at bank and in hand Cash at bank and in hand are basic financial assets and include cash in hand, deposits held al call with banks and other short-term liquid investments with original malurilies of three months or less. Flnanclal in$truments The trust ha5 elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 '01her Financial Instruments Issues, ol FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party lo the conlraclual provisions ol the instrument. Financial 85sets and liabilities are offset. with the nel amounts presented in the fi'nancial statements, when there is a legally enforceable right lo sel off the recognised amounts and Ihere is an intention lo settle on a net basis or lo realise the asset and settle the liability simultaneously. Page 10
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal Instruments (continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transactlon, where the transaction is measured at the present value oflhe future receipts discounted at a market rate of interest. Financial assets c5assified as receivable within one year are not amortised. Classification of flnancial liabilltles Finan¢ia1 liabilities and equity instruments are classified according lo the substance of the conlra¢lual artangements entered into. An equity instrument is any contract that evidences a residual inleiesl in the assets of the trust after deducting all of its liabilits'es. Basic financial liabllltles Basic financial liabilities, including creditors and bank loans, are inilialw recognised al transaction price unless the arrangèment constitutes a fi'nancing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted al a market rate of interest. Financial liabilitie5 classified as payable within one year are not amorlised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligah'ons lo pay for goods or Services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current1iabililies if payment is due within one year or less. If not, they are pie5ented as non-current liabilities. Trade creéilors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Funds Unre5tricled funds are available for use al the discretion of the Iruslees in furtherance of the general objectives of the charity and which have not been designatèd for other purposes. Designated funds comprise unreslricled funds that have been sel aside by the trustees for particular purposes. Tho aim and use of each designated fund is set out in the notes lo the financial statements. Reslricled funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Thè aim and use of each reslricled fund is set out in the notes to the financial slalements. Taxation The lax expense represents the sum of the lax currently payable and deferred lax in relation lo th8 subsidiary comp8ny only. The charitable trust is exempl from corporation tax. Current tax The tax currently payable Is based on taxable profit for the year. Taxable profit differs from net profil as reported in the profit and loss account because il excludes items of income or expense that are taxable or deductible irb Other years and il further excludes items Ihal are never laxab1e or deductible. The subsidiary company'5 liability for current tax is caleulaled using lax rates that have been enacted or substanlively enacted by the reporting end date. Page 11
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Def8rred tax Deferred tax liabilities are generalty recognised for all timing differences and deferred tax assets are recognised lo the exlenl that il is probable that they will be recovered against the reversal of deferred lax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the liming differenc8 arises from goodwill or from the initial recognition of olh$r asse15 and liabilities in a transaction that affects neither the tax profil nor the accounting profil. The carrying amount of deferred lax assets is reviewed at each reporting end date and reduced lo the extent that it is no longer probable that suffiGient taxable profits will be available lo allow all or parl of the asset to be recovered. Deferred tax 15 calculated at the lax rates that are expected lo apply in the period when the liability is sellled. or the asset is realised. Deferred tax is charged or credited in the profil and loss account, ex¢epl when it relates lo items charged or credited directly lo equity, in which case the deferred tsx is also dealt with in equity. Deferred tax assets and liabilities are offset when the subsidiary company has a legally enforceable right lo offset current lax assets and liabilities and the deferred lax asse15 and liabilities relate to taxes levied by the same tax authority. Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entiuemenl is recognised in the Per in which the employee's services are received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed lo terminate the employment ol an employee or lo provide lermination benefits. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Lèases Rentals payable under opeiatin9 leases, including any lease incentives receiv8d, are charged lo income on a slraighl-line basis over the teim of the relevant lease except where another more syslemalic basis is more representative of the lime pattern in which economic benefits from the lease asset are consumed. Rental income from operaling leases is recognised on a slraighl-line basis over the term of the relevant lease. Initial direct costs incurred in negolialing and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a slraighl-line basis over the lease term. Basis of consolldation The consolidated financial slalemenls include the audited financial statements of the charity and ils subsidiary made up lo 31 Decemb8r 2023. A separate Statement of Financial Activity for the parent trust has not been prepared as permitted by paragraph 397 of the Statement of Recommended Practice - Accounting and Reporting by Charities ISORP IFRS 1021). The nel decrease in funds for the year lor The William Scoll Abbott Trust is £133.678. Page 12
THE WILLIAM SCOTT ABBorr TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Critlcal accounting estimates and ludgements Estimates and judgments are continually evaluated and are based on historic experience and Dther factors, including expectations of lulure events that are believed to be reasonable under the circumstances. The Trust makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the relale(f actual results. As ol the balance sheet date the Trust has no significant eslimales and assumptions that have a significant risk of causing a material adjuslmenl to the carrying amount of assets and liabilities within the foreseeable future. Income from donation5 and legacies Unrestricted Restrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Gifts Grants Gift aid 4,723 400 16,258 4,723 12,868 16,258 1,540 6,875 12,468 21,381 12,468 33,849 8.415 Income Irom charltable and other activltles Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Charitable activltlos Admission and visitor activities Education activities 503,256 66,747 503,256 66,747 606,881 58,628 570,003 570,003 565,509 Trading activltles Camping Function sales Retail sales Catering commission 60,518 163,061 103,719 39,689 60,518 163,061 103,719 39,689 55,499 205,984 112,255 41,015 366,987 366,987 414,753 Total from charltable and other activities 936,990 936.990 980,262 Page 13
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 In¢ome from Investments Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Rental income Bank interest received 146,235 6,365 146,235 6,365 159,183 8,489 152,600 152,600 167,672 other income Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Other mlscellaneous income PTofiI on sale of fixed assets 39,431 18,005 39.431 18,005 31,633 57,436 57.436 31,633 Analysis of expendlture on charltable actlvltles Grant funding Activities undertaken directiy Support costs activities Total Visitor attraction Exceptional items 880,290 370,446 1,250,736 880,290 370,446 1,250,736 Page 14
THE WILLIAM SCOTT ABBorr TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Allocation of support costs Let Visitor Educatlon Total Governance Operational costs Human resources Depreciation Other 1.822 44,391 224.541 6,221 71,338 23,975 46,213 224,541 6,221 71,338 23,975 1,822 370,466 372,288 Governance costs are apportioned to various activities based upon th8 proportion of Iota expenditure. Other support costs are allocated specifically lo the activity which they relate to. Govemance Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Wages and salaries Social security Pensions Audit fees Accountancy and payroll other 26,695 3,765 2,030 8,548 3,869 1,306 26,695 3,765 2,030 8,548 3,869 1,306 28,564 4.701 2.897 7.790 4.657 2.270 46,213 46,213 50.879 Net income for the year Nel income is staled after chargingllcredilingl.. 2023 2022 Auditors. remunerations- audit Depreciation of owned assets Pensions 8,200 71,338 10,096 7,790 135.582 7,443 Page 15
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM3ER 2023 10. Auditors, remungTations Auditors. remuneration amounts lo an audit fee of £6,22512022'. £5,925) and costs of £1,975 {2022- £1,865) in relation to the audit of the charity's subsidiary trading company and general advi. Trustees, remuneration and benefits The total amount of trustee remuneration during 2023 is £6,98112022'. none) None of the trustees other benefits during the year12022'. nonel. During the year expenses for Iravelling 8nd other expenses on behalf of the trust lolalling £0 {2022'. none) were reimbursed lo trustees. 12. Staff costs The average number of persons employed by the trust during the yeai was as follows.. 2023 2022 C05t of let estate Charitable activities Governance 19 23 20 24 The aggregate payroll costs were as follows.. 2023 2022 Wages and salaries Social Security cosls Pension costs 573,538 654,960 25,570 35.568 9,334 11.900 608,442 702,428 No employees received benefi'ts lexcluding employer penslon costsl of more than £60,000, Page 16
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Tangible fixed a$sets The group Land Plant Investment and and properties build¥ng$ machinery Fixtures and fittings Total Cost or valuation.. Al 1 January 2023 Additions Disposals Transfers Revaluation 7,530,795 3,550,229 5,220 31,819 1259,0001 106,015 328 916,234 12,103,273 40,981 78,348 19951 (259,9951 Al 31 December 2023 7,277,015 3,582,048 106,343 956,220 11,921,626 Depreciation.. Al 1 January 2023 Charge for the year Eliminated on revaluation Transfers 95.602 9.585 559,986 61,753 655,588 71.338 At 31 December 2023 105.187 621,739 726,926 Net book value,. Al 31 December 2023 7,277.015 3,582,048 1.156 334,481 11,194,700 At 31 December 2022 7,530.795 3,550,229 10.413 356,248 11,447,685 All investment properties, land and buildings held relate lo freehold assets. The fair value of the freehold properly including investment property has been arrived al on the basis of a valuation carried out on 7 June 2022 by Savills, who are not connected with the Group. Page 17
THE WILLIAM SCOTT ABBO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Tangible fixed a$s&ts Icontlnued} The trust Land Plant Investment and and propertles buildings machlnery Fixtures and fittings Total Cost.. At 1 January 2023 Additions Disposals Transfers Revaluation 7,530,795 3,550.229 5,220 31.819 1259,0001 101,406 854,258 12,036,688 40,078 77,117 19951 (259,995) At 31 December 2023 7,277.014 3,582,048 101.406 893,381 11,853,810 Depreciation.. Al 1 January 2023 Charge for the year Eliminated ors revaluation Transfers 90.992 g,544 506,055 55,942 597,047 65,486 Al 31 December 2023 100,538 561,997 662,533 Nel book value.. Al 31 December 2023 7,277.014 3,5B2,048 870 292,261 11,191,277 Al 31 Decemb8r 2022 7,530,795 3,550,229 10,414 348,203 11,439,641 All investment properties, land and buildings held relate lo freehold assets. The fair value of the freehold property including inveslmenl propety has been arrived at on the basis of a valuation carried out on 7 June 2022 by Savills, who are not connected with the Group. The prior year accounts weTe adjusted accordingly lo account for the revaluation, and the valuation performed is still deemed reasonable for the current year. Page 18
THE WILLIAM sco ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Fixed a$set Investments The Group Listed investments Market value.. Al 1 January 2023 Additions Disposals Nel realised and unrealised investment gains 224,639 130,000) 19,687 At 31 December 2023 214,325 Nel book value,. At 31 Dember 2023 214,325 At 31 December 2022 224,639 The listed investmenls consist of 10,799.98 12022 12.359.831 COIF Charities Investment Fund Income Unil$12021 Accumulation Units) and are staled al maiket value as per the relevant fund at the year end. Page 19
THE WILLIAM sGorr ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Fixed asset investments {¢ontlnuedl The Trust Llstgd Subsidiaries investments Total Cost or market value.. Al 1 January 2023 Disposals Net realised and unfealised investment gains 50,002 224,639 274,641 (30,0001 130,000} 19,687 19.687 At 31 December 2023 50,002 214,326 264.328 Nel book value. At 31 December 2023 50,002 214,326 264.328 At 31 December 2022 50,002 224,639 274,641 The listed investments consist of 10.799.98 12021 12.359.831 COIF Charities Investment Fund Income Units {2021 Accumulation Unilsl and are stated at market value as per the relevant fund at the year end. Details of Subsidiary UndeTlaklngs'. Aggregate Class and cap5tal proportion and reserves of shares as at 31112123 Profit for the year year ended 31112123 Country of reglstration Name Sacrewell Limited England and Wales 100'/o Ordinary (£8,771) £24,340 The principal activity of Sacrewell Limited is that of a country centre. Page 20
THE WILLIAM SCOTT ABBOTRUsT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. stocks The Group 2023 The Trust 2023 The Group 2022 The Trust 2022 Goods for rosale Consumables Llveslock 17,653 3,586 10,660 1,765 3,586 10,660 21,053 4.659 32,865 1,727 4,S59 32,865 31,899 16.011 58.577 39,251 16. Debtors Th& Trust 2023 The Group 2022 The Trust 2022 Group 2023 Trade debtOTS Amount due from group undertakings other debtors Prepayments and accrued income 30,326 26.823 78.490 21,999 19,892 92,476 4.304 4.133 14,626 34,294 18,929 17,584 7.885 79,246 113,198 58,512 120.805 17. Crodltors - amounts falllng due wlthTn one year The Group 2023 The Trust 2023 The Group 2022 The Trust 2022 Trade creditors Other ciedilors Other tsxes and social security Accruals and deferred income Loans 34,388 2,473 19,352 66.416 18,137 2,075 9,919 44,329 26,403 2,863 19,181 64,377 19,200 22,255 2,353 5,435 44,412 19,200 122,629 74,460 132,024 96,656 Included within loans for both the Group and Trusl are liabilitifjs secured against property owned by the twst of £Nil12022'. £Nill Page 21
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Credltors- amounts falling after more than ono year The Group 2023 The Trust 2023 The Group 2022 The Trust 2022 Loans 2.618 2,618 2,618 2,618 19. Fund rgconciliatlon The Group RestrictBd funds Balance at Incoming Resource$ 01101123 rèsources expended Balance at 31112123 Gainsj losses Transfers Education fund Revaluation ftjnd 16.265 8,903.714 12,468 110,7981 1,227 19,162 165,0001 8.838,714 8,919,979 fj2,468 110,798) 163,7731 8.857,876 Unrestrlcted funds Balance at Incomlng Resources 01101123 resource5 expended Balance at 31112123 Galnsl losses Transfers General fund 2,827,834 1.168,407 11,296,406) 19,687 63,773 2,783,295 2,827,834 1.168.407 {1,296,4061 19,687 63,773 2,783,295 Education fund The purpose of this fund is lo ring-fence grants recetrved specifically for the 8cquisilion of assets in relation to Education projects. Revaluation fund The revaluation fund relates to the cumulative, unrealised gains on property held at valuation. Page 22
THE WILLIAM SCOTT ABBOTh TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Fund reconciliation Icont'dl The Twst Restricted funds Balance at Incomlng Resources 01101123 resources expended Balance at 31112123 Gainsl losses Transfers Education fun Revaluation fund 16,265 8,903,714 12,468 110,798) 1,227 19,162 165,0001 8,838,714 8,919,979 12,468 110,7981 {63,7731 8,857,876 Unrestricted funds Balance at Incoming Re$ources 01101123 resourcps expended Balanco at 31112123 Gainsl losses Transfer5 General fund 2,918,571 801,420 1956,4551 19,687 63,773 2,846,996 2,918,571 801,420 1956,4551 19,687 63,773 2,846,996 Education fund The purpose of this fund 15 10 iing-fence grants received specifically for the acquisition of assels in relation to Education projects. Revaluatlon fund The revaluation fund relates lo the cumulative, unrealised gains on property held al valuation. Page 23
THE WILLIAM SCOTT ABBorrTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Analysi$ of net assets between funds The Group Net current assets Flxed assets Investments Total Restrlcted funds Education fund Revaluation fund 19,161 8,838,715 19,161 8,838,715 Unrestricted funds General fund 2,336,824 214,326 232,145 2,783,295 11.194,700 214,326 232,145 11,641,171 The Trust Net current assets Fixed assets Investments Total Restrictgd funds Education fund Revaluation fund 19,161 8,838,715 19,161 8,838,715 Unrestrlcted fund$ General fun 2,333,401 264,328 249,267 2.846,996 11,191,277 264,328 249,267 11,704,872 Page 24
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Operatlng lease commltments Lessee At the reporting end dale the charity had outstanding commitmen15 for future minimum lease payments under non-cancellable operating leases, as follows,. The Group 2023 2022 Within one year Between Iwo and live years 7,028 1,274 7,670 15,565 8.302 23,235 The Trust 2023 2022 Within one year 88een two and five years 7,028 1,274 7,670 15,565 8,302 23,235 Lessor Al the reporting end date, the charity had contracted with tenants for the following minimum lease payments.. The Group and Trust 2023 2022 wrthin one year Between and five years More than five years 115,055 206,875 654,366 120,505 290,875 669,334 976,296 1,080,714 Page 25
THE WILLIAM SCOTT ABBOTT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Penslon costs The Group operates a defined contribution scheme, and a stakeholder scheme is available lo staff should they so wish. The pensions costs charge in the Statement of Financial Activitses represents contributions payable by the Trust lo the fund and amounted lo £10,096 {2022 £11,142). 23. Analysis of changes in net funds - Group 1 January Cash flows 31 December 2023 2023 Cash at bank and in hand 93,042 150,587 243,629 Page 26
THE WILLIAM SCOTT ABBOTT TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDELI 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS FROM: Donatlons and legacies Gifts Grants Gift aid 4,723 12,868 16,258 1,540 6,875 33,849 8,415 Charitable actlvltle8 Admission and visitor activities Education activities 503,256 66,747 506,881 58,628 570,003 565,509 Investments Rental income Bank interest received 146,236 6,365 159,183 8,489 152.600 167,672 other Income Profil on sale of fixed a5sel other miscellaneous income 18,005 39,431 30,633 57.436 30,633 Total income and endowments 813.888 772,229 EXPENDITURE ON: Property management costs Charitable 8clivilies {56,4681 1910,7851 {87,971} 11.011,5701 Total expendlture 1967,2531 (1,099,541) Gainsllosses on investments 19,687 125,9341 Net movement in funds before transfers 1133,6781 1353,2461 Page 27
THE WILLIAM SCOTT ABBOTT TRUST SCHEDULE OF RESOURCES EXPENDED FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Property management costs Wages and salaries Social security Pensions Rates and water Professional fees Property repair and maintenance Insurance 13.135 1,852 999 14.054 2,313 1,426 781 37,871 9,110 22.416 14,462 26,020 56,468 87,971 Charltable activities Wages and salaries Social security Pensions Rates and water Light and heal Telephone and IT support Slalionery and postage Advertising Costs Bank and credit card charges Professional fees Refuse collection, cleaning and hygiene Livestock suppliers Activity Costs Experience costs Property repairs Machinery repairs and maintenance Vehicle costs Travel HR and health ar¢d safety costs Training Recruilmenl Sundry expenses Subscriptions Insurance Meeting expenses Depreciation Adminislralion Irrecoverable VAT Goverrbance 358,240 20,013 6.337 34.245 93.571 13.402 1.353 3,781 229 11.953 74.275 55.608 18.039 383.820 14.172 3.166 12.706 100.251 13.026 1,528 23,553 3.543 3,770 69.713 19.727 86,636 15,876 38,923 24,466 40,937 14,323 81 489 9,870 1.179 9,421 2,689 6,221 816 4,929 26.020 5,231 65.486 125 4.739 40.472 578 3,452 22,416 3,104 72.440 37.307 44.108 910,785 1,011,570 Total expendlture 967,253 1,099,541 Page 28